Whitacre to Keep On Trucking at GM
Edward E. Whitacre, Jr., tapped in December to run General Motors after Fritz Henderson was ousted, will continue as chairman and CEO of the Detroit-based automaker. In a media presentation on Monday, he also said the company plans to pay back in full the U.S. Treasury and the Canadian and Ontario government loans by June.
"The board of directors asked if I would be willing to stay on at GM and help continue the company's road back to success," Whitacre said in a statement. "Having spent the past few months learning the business, meeting with our employees, customers, suppliers and dealers, and working with the GM leadership team, I was both honored and pleased to accept this role. This is a great company with an even greater future, and I want to be part of it."
He said the pay-back schedule "represents a significant milestone in our journey back to being a profitable and viable company." Henderson had run the company for eight months, and Whitacre was formerly appointed on an interim basis. --Karl Greenberg